Volvo Cars delivers over 148K units in Q1

Volvo Cars shared through its quarterly financial report that the company has had a stable performance despite the challenges presented by this year’s first quarter. Amid the gradual impact of the market disturbances caused by the war in Ukraine and the COVID-19 lockdowns in Asia, Volvo Cars still sold a total of 148,295 units.

“In the first few months of 2022, the war in Ukraine has destroyed lives and displaced millions of innocent people. The same war has also sent already rising inflation to new heights and further disrupted supply chains that were already fragile. When summarizing Volvo Cars’ performance during this first quarter, I am incredibly pleased that we have delivered such stable results,” said Volvo Cars CEO Jim Rowan.

Further confirming its continued growth, Volvo’s first-quarter financial report indicates that the company has increased its revenue by 8.1 percent within the same period.

Volvo Cars’ plug-in hybrid and fully electric Recharge models remain the leading force in the Gothenburg-based company’s financial success in the first quarter of 2022. Volvo’s Recharge lineup made up 34 percent of the company’s total sales, about eight percent of which was made up of fully-electric car models.

Volvo anticipates that that share will continue to grow as the company increases its annual production capacity of fully electric cars to 150,000 units after summer (from June to September) of 2022. For the full year 2022, Volvo Cars expects continued high growth of fully electric cars.

Volvo Cars’ efforts to reduce its CO2 footprint per car are progressing according to plan. In the first quarter, CO2 emissions were 13.4 percent lower compared with 2018, supporting the company’s 2025 ambition of a 40 percent CO2 reduction per car.

“The strategic direction remains clear and very much in focus: the fastest transformer in the industry, a fully electric brand with direct consumer relations, and lower carbon emissions is our way forward. To achieve our ambitions, we will increase our pace of product development, strengthen the resilience of our supply chain, and accelerate our digital and software capabilities,” Rowan said.

Photos from Volvo

Also read: 

Volvo invests in Carwow

Volvo, Starbucks to offer EV charging in US starting Jun.

Volvo invests in battery technology company StoreDot